The Fisher Investments On series is designed to provide
individual investors, students, and aspiring investment
professionals the tools necessary to understand and analyze
investment opportunities–primarily for investing in global
stocks. Each guide is an easily accessible primer to economic
sectors, regions, or other components of the global stock market.
While this guide is specifically on Utilities, the basic investment
methodology is applicable for analyzing any global sector,
regardless of the current macroeconomic environment.
Following a top-down approach to investing, Fisher
Investments on Utilities can help you make more informed
decisions within the Utilities sector. It skillfully addresses how
to determine optimal times to invest in Utilities stocks and which
Utilities industries have the potential to perform well in various
environments.
Divided into three comprehensive parts–Getting Started,
Utilities Details, and Thinking Like a Portfolio
Manager–Fisher Investments on Utilities:
* Explains some of the sector’s key macro
drivers–like regulation, economic cycles, and investor
sentiment
* Shows how to capitalize on a wide array of macro conditions and
industry-specific features to help you form an opinion on each of
the industries within the sector
* Takes you through the major components of the industries within
the global Utilities sector and reveals how they operate
* Offers investment strategies to help you determine when and how
to overweight specific industries within the sector
* Outlines a five-step process to help differentiate firms in
this field–designed to help you identify ones with the
greatest probability of outperforming
Filled with in-depth insights, Fisher Investments on
Utilities provides a framework for understanding this sector
and its industries to help you make better investment
decisions–now and in the future. With this book as your
guide, you can gain a global perspective of the Utilities sector
and discover strategies to help achieve your investing goals.
Daftar Isi
Foreword ix
Preface xiii
Acknowledgments xvii
Part I Getting Started in Utilities 1
Chapter 1 Utilities Basics 3
Utilities 101 4
A Defensive Sector 5
What Makes Utilities Defensive? 10
Chapter 2 A Brief History of the Electric Utilities Industry 19
Early Development in the US (1882-1935) 20
A Maturing Industry (1935-1978) 24
Market Liberalization and a New Set of Rules (1978-2009) 30
An Auspicious Start to the Twenty-First Century 36
Part II Next Steps: Utilities Details 39
Chapter 3 Utilities Sector Composition 41
Global Industry Classification Standards (GICS) 41
Global Utilities Benchmarks 42
Why Don’t Utilities Have More Weight? 43
Benchmark Differences 45
Benchmark Changes 47
Sector Benchmarks 47
Industry Breakdown 49
Chapter 4 The Electricity Business in Depth 59
The Consumer: Who Uses Electricity? 60
The Vertically Integrated Electric Utility 68
Power Generation 74
Transmission 93
Distribution 97
Chapter 5 Utilities Sector Drivers 101
Economic Drivers 102
Political Drivers 117
Sentiment Drivers 128
Chapter 6 Utilities Investing in a Resource-Conscious World 133
Energy Challenges 134
Policy Solutions 138
Technological Solutions 144
Part III Thinking Like a Portfolio Manager 155
Chapter 7 The Top-Down Method 157
Investing Is a Science 157
The Top-Down Method 160
Top-Down Deconstructed 166
Managing Against a Utilities Benchmark 173
Chapter 8 Security Analysis Contents 177
Make Your Selection 178
A Five-Step Process 179
Utilities Analysis 188
Chapter 9 Utilities Investing Strategies 195
Adding Value at the Sector Level 196
Adding Value at the Country or Industry Level 197
Adding Value at the Security Level 199
Notes 201
About the Author 207
Index 209
Tentang Penulis
THEODORE GILLILAND is a Research Analyst at Fisher Investments. Theodore graduated from the University of Colorado, Boulder, with a bachelor’s degree in international affairs. He currently resides in San Francisco, California.
ANDREW S. TEUFEL has been with Fisher Investments since 1995, where he currently serves as a Vice Chairman. Prior to joining Fisher Investments, he worked at Bear Stearns as a corporate finance analyst in its Global Technology Group. Andrew also instructs at many seminars and educational workshops throughout the United States and United Kingdom, and has lectured at the Haas School of Business at UC Berkeley. He is also the Editor in Chief of Market Minder.com. Andrew is a graduate of UC Berkeley.
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